Graf Securities II Limited (SC430769): administration
- Status
- Administration ended
- Administration began
- 2014-06-09
- Administrators
- Adrian David Allen, Keith Veitch Anderson
- Administrators' firm
- Baker Tilly Restructuring and Recovery
- Incorporated
- 2012-08-20
- Location
- Edinburgh
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Graf Securities II Limited was incorporated on 20 August 2012 and was set up as a “Single Purpose Vehicle” (SPV) to acquire and develop property.
On 5 September 2012, the company borrowed funds of £500,000 in the form of a bridging loan from Belvoir Equity Funding Limited. These funds were loaned to Graf Securities II Limited’s parent company, Graf Mortgage Corporation Ltd who in turn provided a bridging loan to Camtide Limited to enable it to refinance securities in respect of properties at 6/8, 10 and 16 Bannatyne St, Lanark, ML11 7JR and 3 & 5 Bonnet Road, Lanark ML11 7LL and a bridging loan to Davington Properties Limited to enable it to refinance securities in respect of properties at: 8 Normand Rd, Dysart, Kirkcaldy, Fife, KY1 2XJ; 2/4 & 5 Piershill Place, Edinburgh, EH8 7EH and 2 Piershill Lane, Edinburgh, EH8 7EJ. Graf Mortgage Corporation Limited took standard securities over the properties in Lanark, Edinburgh and Dysart which were assigned to Graf Securities [I Limited on 9 October 2012.
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Administrators' statement of proposals (2014-07-29) · Companies House register